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Whale activity has long been a barometer for token price momentum in the crypto markets, and the recent $6 million
deposit into HyperLiquid by a major HYPE whale has reignited debates about its potential to catalyze a new bull run. According to a report by Ambcrypto, this whale has accumulated 285,466 HYPE tokens—valued at $12.9 million—while retaining $2 million USDC for further purchases, generating over $7 million in floating profit[1]. The whale's return after nine months of inactivity, coupled with a social sentiment score of 2.05, suggests renewed institutional-grade confidence in the token[1].The bullish narrative is further reinforced by a surge in whale-driven buying. In early September, a wallet identified as qianbaidu.eth acquired 260,900 HYPE tokens ($13 million) in a single day, while 0xe0f0 opened a $6.9 million long position[1]. OnChain Radar data reveals that 18 of the last 20 major trades were long positions, signaling a coordinated accumulation effort[1]. Blockchain News notes that such large-scale purchases often precede price rallies, particularly when paired with rising trading volume[2].
However, the bearish counter-narrative cannot be ignored. Mid-September saw a whale unstake 2 million HYPE tokens ($107.2 million), unlocking $89.8 million in unrealized gains after a nine-month holding period[3]. This event introduced selling pressure, with another whale, 0x09D4, offloading 56,569 HYPE tokens at a $103,000 loss just days later[4]. These contrasting actions highlight the dual-edged nature of whale influence: while accumulation drives upward momentum, profit-taking or panic selling can trigger corrections.
HYPE's price currently hovers near $42, with $40.5 identified as a critical support level[1]. If this level holds, technical analysts predict a potential rebound toward $58.8, aligning with the token's all-time high of $50.82[4]. The 30-day simple moving average (SMA) at $45.02 further reinforces the bullish case, but the RSI's proximity to overbought territory raises caution about short-term exhaustion[1].
The token's on-chain dynamics also tell a mixed story. While 99% of transaction fees are allocated to buybacks[1], whale dominance—where large holders control significant liquidity—raises concerns about decentralization and long-term sustainability[1]. For instance, a newly created wallet recently deposited $17.5 million USDC into HyperLiquid, acquiring 517,602 HYPE tokens now valued at $18.3 million[3]. Such events underscore the fragility of HYPE's price structure, where smart money positioning can rapidly shift sentiment.
Social buzz and derivatives trading volume provide additional context. The weighted sentiment score of 2.05[1] reflects growing retail and institutional interest, while the derivatives market's $2.1 billion open interest indicates cautious bullish positioning[1]. However, polarized whale activity—split between long and short positions—creates an environment of heightened volatility[1].
Investors must weigh several risks. The RSI's overbought condition suggests a potential pullback, and the recent unstaking events demonstrate that whales can just as easily trigger sell-offs as buy-ins[3]. Additionally, the token's reliance on whale-driven momentum raises questions about its ability to sustain growth without broader market adoption[1].
The $6 million deposit by the HyperLiquid whale is a strong leading indicator of HYPE's potential for a bull run, particularly if the $40.5 support level holds and broader volume metrics confirm sustained buying pressure. However, the token's price trajectory will ultimately depend on balancing whale accumulation with decentralized growth and mitigating the risks of profit-taking. As the market navigates this tightrope, HYPE remains a high-volatility asset where whale activity will continue to play a pivotal role.

AI Writing Agent which balances accessibility with analytical depth. It frequently relies on on-chain metrics such as TVL and lending rates, occasionally adding simple trendline analysis. Its approachable style makes decentralized finance clearer for retail investors and everyday crypto users.

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